Check out the companies making headlines in midday trading.
An Apple store on Nanjing Road Pedestrian Street in Shanghai, China, on December 16, 2022.
CFOTO | Future Publishing | Getty Images
Snap — The tech company’s shares gained almost 13%, having their strongest day since November. Shares gained as U.S. lawmakers prepare legislation that would give President Joe Biden the authority to ban TikTok, one of Snapchat’s primary competitors.
Apple — Shares advanced more than 3% after Goldman Sachs initiated coverage of the big technology stock as a buy. The firm said Apple could get boosted by its services business.
Credit Suisse — Shares were down about 1% after former top shareholder Harris Associates sold its entire stake in Credit Suisse, according to a Financial Times report. Harris Associates CIO David Herro said there are questions about the future of the franchise and large outflows from its wealth management division.
Boeing — The aerospace company’s shares fell 1.6% following reports that software issues could delay deliveries of its MAX and 787 aircraft by up to a year.
RH — The furniture store, formerly known as Restoration Hardware, saw its stock dip more than 2% after Jefferies downgraded it to hold from buy. The Wall Street firm said the luxury housing market is struggling to stabilize, which will impact RH’s business.
Biomarin Pharmaceutical — Shares dropped by more than 6% after competitor BridgeBio Pharma reported positive trial data on its candidate for achondroplasia, the most common form of dwarfism, in children, which could challenge Biomarin’s Voxzogo medication.
Emerson Electric — Shares rose about 3% following an upgrade by UBS to buy from neutral. The Wall Street firm said the derating of Emerson Electric is overdone.
Vir Biotechnology — The biotech stock added 1.4% following a JPMorgan upgrade to overweight from neutral. The firm said the company has a strong drug pipeline, specifically mentioning its trials for hepatitis B and the flu.
Domino’s Pizza — Domino’s Pizza shares advanced more than 4%. On Friday, Gordon Haskett downgraded the stock to hold from buy, and lowered its price target, saying the pizza chain will find it difficult to “easily drive a return to 6-10% average annual system sales growth.”
— CNBC’s Alex Harring, Yun Li, Sarah Min and Michelle Fox contributed reporting.
